• Overview of Bank of Maharashtra Fixed Deposit

    The Bank of Maharashtra was incorporated in 1938 in Pune, Maharashtra. It currently operates pan-India, and services its more than 15 million customers through various branches and outlets numbering more than 1,900 in total. It is a public sector bank with more than 81% shares being held by the Government of India.

    Bank of Maharashtra Fixed Deposits

    Bank of Maharashtra offers flexible tenure FDs to customers looking to earn optimal returns on their savings while maintaining liquidity as per their requirements. Under these fixed income products, depositors can park their savings with BoM for a pre-determined period and at a preset rate of interest. These schemes are a sound option for investors who prioritise safety of finances or require a steady income stream to meet financial needs.

    Eligibility for opening FD accounts at Bank of Maharashtra

    Eligibility varies from product to product as described in the section below.

    Different fixed deposit schemes from Bank of Maharashtra

    • Term Deposit Scheme: This scheme is applicable for individuals or Hindu Joint Families (HUF) for tenures between 5 years and 10 years. Minimum deposit amount is ₹ 100, while an account holder can deposit a maximum of ₹ 1 lakh per year.

    • Monthly/Quarterly Interest Deposit Scheme: This scheme is available for individuals, minors, corporates, firms, clubs, and joint depositors. Minimum amount to open this type of FD account is ₹ 1,000, and customers can opt for tenures ranging from 12 months to 120 months. Customers may opt to get the interest credited in an account of their choice such as RD, CA, and SB etc.

    • Cumulative Deposit Scheme: This scheme gives high returns as the applicable interest rates are compounded quarterly. The account may be opened individually or by firms, groups, or clubs. Minimum deposit amount is ₹ 100, and tenures range from 6 months to 120 months.

    • Sheetal Jama Yojana: This scheme combines the best of current accounts and short term deposit schemes. It is applicable for individuals, groups, firms, corporates, PSUs, and trusts etc. The tenures range from 15 days to 5 years. Withdrawals may be made in multiples of ₹ 1,000 using special slips provided by the bank.

    • Mixie Deposit Scheme: Individuals, jointly or individually, can opt for this scheme. Tenures range from 2 years to 10 years (multiples of 3 months) and deposit amounts start from ₹ 10,000. By combining 2 or more Mixie accounts, customers can receive overdraft facility also. The interest rate charged here is 2% above the actual deposit rates.

    • Trust Deposit Scheme: This scheme is applicable for public trusts. Apart from interest, customers stand to receive 50% and 25% concessions on collections charges and commission of MT/DD/Pos etc. respectively.

    • Maha Labh Scheme: This scheme is provided for fixed tenures of 666 days, and deposits below ₹ 1 crore. The interest rate is 8.77% (compounded annually) translating to about 9.41% simple interest rate at the time of maturity. Deposits here are accepted only for products under NRO/Domestic/NRE Cumulative Deposit schemes. Interest is paid at maturity.

    • Double Deposit Scheme: With this scheme, customers can expect their deposits to get doubled in amount in 97 months (8.75% interest rate compounded quarterly). Senior citizens can have their deposits doubled in 87 months only. This scheme is applicable for deposits under Cumulative Deposits, and value less than ₹ 1 crore. Premature withdrawals are allowed at 1% less interest rate than the applicable rates.

    Apart from these FD schemes, BOM also provides recurring deposit (RD) products under Recurring Deposit Scheme, Maha Millionaire Scheme, Maha Lakhpati Scheme, Maha Sanchay Flexible Instalment Scheme, MahaSaraswati Scheme, and FCNR accounts.

    Minimum amount for opening Bank of Maharashtra fixed deposit account

    The minimum amounts required to open the various FD schemes at Bank of Maharashtra have been listed out in the section ‘Different Fixed Deposit Schemes’ above.

    Maximum amount that can be deposited in BOM FDs

    The maximum amount that may be invested in fixed deposits at Bank of Maharashtra is ₹ 5 crores. All deposits above ₹ 5 crores can be made after due permissions have been taken from the nearest Bank of Maharashtra branch or zonal office.

    Minimum and maximum tenure applicable on FDs from BOM

    Tenures of the various fixed deposit products from this bank range from 7 days (minimum/short term) up to 10 years (maximum/long term).

    Procedure to open a BOM FD account

    Customers can choose to apply for fixed deposit accounts by contacting the nearest branch/office of the Bank of Maharashtra. They should carry all the relevant documents as requested by the bank. Currently, BOM does not provide online registration facilities for fixed deposits, though you can use online portals like BankBazaar to get a more holistic view about the products, and apply for FDs through their website.

    Interest rates on FD accounts at Bank of Maharashtra

    For amounts below ₹ 1 crore, the interest rates offered ranges from 6% p.a. to 8.75% for deposits held between 7 days to 10 years. For amounts above ₹ 1 crore and up to ₹ 5 crores, rates vary between 6.50% p.a. and 8.00% p.a.

    Taxes on BOM FD accounts

    Customers have to pay TDS on interest earned on fixed deposits held at Bank of Maharashtra. Such taxes are divided into two categories – customers who have submitted PAN details, and those who haven’t. People having submitted their PAN details will have to pay 10% TDS, while those who haven’t provided PAN details have to pay 20% TDS. Taxes are applicable on interest accumulated in a year and amounting to more than ₹ 10,000.

    Customers of the ‘Cumulative Deposit Scheme’ are exempt from paying TDS on interests if they have duly submitted forms 15H/15G.

    Main features of FD products from BOM

    The primary features of BOM fixed deposit schemes are:

    • Minimum amount starting from ₹ 100 for select products.
    • Nomination facility available.
    • Competitive interest rates.
    • Quick processing and approval.

    Availing loans against Bank of Maharashtra fixed deposits

    Availing loans is possible in under some fixed deposit schemes of BOM.

    • Available (up to 90% of the deposit amount): Monthly/Quarterly Interest Deposit Scheme, Sheetal Jama Yojana, and Cumulative Deposit Scheme.
    • Not available: MahaBank Term Deposit Scheme.

    Special rates for senior citizens

    The Bank of Maharashtra offers an additional 0.50% p.a. for deposits under ₹ 1 crore and maturity slabs of more than 91 days for Indian senior citizens. This additional rate isn’t applicable for deposits made by non-residents of India.

    Is premature withdrawal possible with BoM fixed deposit accounts?

    Yes, premature withdrawal is allowed for Bank of Maharashtra fixed deposits. For domestic/NRO deposits, in case of premature withdrawal the rate of interest will be applicable as per the term of the deposit with the bank instead of the rate quoted in the deposit contract. For domestic term deposits with maturity less than 1 year, no penal interest rate will be applicable on premature withdrawal. For all other maturities, 1% penal rate will be applicable.

    For NRE accounts, no interests will be payable if deposit is withdrawn within 1 year. Above that, a penal rate of 1% will be applied.

    Are NRI fixed deposits available in Bank of Maharashtra?

    Yes, NRIs can open a term deposit account with Bank of Maharashtra under NRO (non-resident ordinary), NRE (non-resident external) and FCNR (foreign currency non-resident) accounts.

    1. NRO: To be maintained in Indian Rupees. The account can be opened jointly with a resident or non-resident Indian. The interest rates applicable here are the same as domestic term deposit rates. Income tax is levied as per TDS (tax deducted at source). Funds are not fully repatriable except in some special cases.

    2. NRE: To be maintained in Indian Rupees. The account can be opened jointly only with another non resident Indian. The interests earned here are totally tax free. Balances are also exempt from wealth tax. Funds are fully repatriable.

    3. FCNR: These are term deposit accounts with minimum 1 year maturities. The deposits can be made in a major currencies such as USD, GBP, EUR, JPY etc. Joint accounts can be opened with another NRI. Funds are fully repatriable. Interests earned in this account are fully exempt from income tax payments. Balances held are exempt from wealth tax.

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    Bank of Maharashtra Fixed Deposit Reviews

    • Bank of Maharashtra Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      I have a Fixed Deposit in Bank of Maharashtra because its near to my place but the interest rate is very low compared to Punjab Maharashtra Cooperative Bank. It was opened before one year and have deposited 6L. I think the rate of interest is 8.25%. The services are excellent, I would suggest them to increase the interest rate.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 19, 2019
    • Bank of Maharashtra
      Bank of Maharashtra Fixed Deposit
      "Dream FD"
      0.5 4.5/5 "Excellent!"
      am using online services for Fixed deposit. I withdraw the interest monthly which gives me better Rate of interest than Standard 4%. The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
      Was this review helpful? 12
      , pune
      Reviewed on Dec 10, 2015
    • Bank of Maharashtra Fixed Deposit
      "Fixed Deposit"
      0.5 4.0/5 "Great!"
      I am using online services for Fixed deposit. I withdraw the interest monthly which gives me better Rate of interest than Standard 4%. The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
      Was this review helpful? 8
      , pune
      Reviewed on Jul 19, 2015
    • Bank of Maharashtra Fixed Deposit
      "Its good "
      0.5 4.0/5 "Great!"
      I am holding a Fixed deposit with Bank of Maharastha. They have done a very good job. It was closed after maturity and the same was used for my daughters marriage. I am holding this for the past 5 years and it is a tax saver FD. Interest rate offered by them was medium which is 9% and they have provided the FD certificate also.
      Was this review helpful? 6
      , pune
      Reviewed on Apr 27, 2015
    • Bank of Maharashtra Fixed Deposit
      "Fixed Deposit Description"
      0.5 2.5/5 "Just OK"
      The FD types in Bank of Maharashtra is very difficult to understand. I was trying to figure out if there is an option to create a Tax Saver FD online, but when I checked the FD types, and the names of FD, it was very confusing. Ultimately I need to google each FD types to understand what that means. The FD types should be made simpler like that of SBI and ICICI.
      Was this review helpful? 12
      , nagpur
      Reviewed on Mar 30, 2015
    • Bank of Maharashtra Fixed Deposit
      "Very good interest rate provided"
      0.5 5.0/5 "Blown Away!"
      I had opened up the fixed deposit with Bank of Maharashtra before a year. Its a very good interest rate provided and its competitive too. The relationship with this bank is too good and they are customer friendly. Customer service as well as on line services is too great.
      Was this review helpful? 7
      , bangalore
      Reviewed on Dec 02, 2014
    • Bank of Maharashtra Fixed Deposit
      "Fixed deposit"
      0.5 4.5/5 "Excellent!"
      Bank of Maharashtra's Fixed Deposit offers interest rate @9% approx. I did it for one year and the sum is Rs.50000. I applied it with my net banking online. It is a nice product for long term accumulation. You can deposit sum on a monthly basis. My overall experience was quite good.
      Was this review helpful? 5
      , new delhi
      Reviewed on Nov 29, 2014
    • Bank of Maharashtra Fixed Deposit
      "Its good"
      0.5 4.0/5 "Great!"
      Maharashtra bank Fixed Deposit is good their rate of interest is low when compared with other banks, it was opened as a joint account with my wife and the prime reason why I opened this account is because I was planning for a housing loan and that is why.
      Was this review helpful? 11
      , pune
      Reviewed on Aug 22, 2014
    • Bank of Maharashtra Fixed Deposit
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      It was a good experience of holding a fixed deposit with Bank of Maharashtra. I have closed the FD an year ago. There was no documentation required for creating the FD because I was holding a savings account with them. They do have online facility however I didn't avail the service. Customer service and response are too good and I genuinely having a very good experience. Bank executives are very pro-active. Rate of interest was 8.5%.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jul 29, 2014
    • Bank of Maharashtra Fixed Deposit
      "Can provide options"
      0.5 4.0/5 "Great!"
      I am holding an FD account with Bank of Maharashtra and I went to their Branch personally and I applied for that it was for 5 years and its great and I am happy with the interest rates and through on line I check all the FD details it will be really good if they provide the options for the change of amount or tenure online
      Was this review helpful? 3
      , pune
      Reviewed on Jul 10, 2014
    • Bank of Maharashtra Fixed Deposit
      0.5 3.0/5 "Satisfactory"
      Couple of months ago I started my first fixed deposit with bank of Maharashtra. I am a salary account holder for a while. It was quite easy to start a fixed deposit as there are no documents required. Rate of interest is good compared to other banks. Customer service is fine but not good as other private banks. I would suggest the bank to introduce online services.
      Was this review helpful? 14
      , mumbai
      Reviewed on Jun 19, 2014
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